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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Funding you earn now, next payment 08:00 UTC+0.0080%/8h= +8.8% APRnext payment +$0.80 per $10,000 · paid last 24h +0.043%
Price spread now: Orderly against Phemex+0.094%7-day average +0.083% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on PhemexShort on Orderly
What this pair did over the last
the charts below follow
Funding, last 7 days+0.286%+$29 on $10k
Price spread, last 3 days (all we have)−0.001%$0 · spread now +0.094%, 7d avg +0.083%
Together, before fees+0.285%+$28 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.083%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex ETHUSDT2,748.80.0100pay 0.0100% / 8h6h 03m$267.7M$65.8M150x
ShortOrderly PERP_ETH_USDC2,751.40.0180get 0.0180% / 8h6h 03m$32.3M$11.0M100x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Orderly against Phemex. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

click an exchange to add or hide it
latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$16.83
Price spread: +0.094% → +0.083%
$1.1
Slippage, 4 orders
no order book: not counted
Fee Phemex: 6 bp × 2 orders
−$12
Fee Orderly: 3 bp × 2 orders
−$6
Net
−$0.07
Costs to cover
0.180%
Break-even
7.0 days
Slippage unknown: Phemex: live order book, 6 min ago; Orderly: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 6 min ago0.02 bp6.0 bp −$611.2 bp −$11222.4 bp −$2,236doesn't fit
Sell Orderly no order-book sample—————
Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ETH on 54 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0112%43m2,749+0.004%$311K$5.7M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,749.1+0.010%$5K$1K50xas long as short
RISEx ETH/USDC−0.0071%1h2,749.1+0.011%$5.7M$11.2M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,748.1−0.028%$12.1M—200xas long as short
Phoenix ETH−0.0006%1h2,748.4−0.016%$848K$3.1M25xas long as short
dYdX ETH-USD0.0000%1h2,749.4+0.020%$10.8M$42.0M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,748.7−0.005%$22.2M—200xas long as short
01 Exchange ETHUSD+0.0040%1h2,749.7+0.032%$182K$988K50xas long as short
BingX ETH-USDC+0.0041%8h2,747.6−0.046%—$18.5M—as long as short
OKX ETH-USDT-SWAP+0.0052%8h2,747.4−0.052%$1.70B$10.71B100xas long as short
Show all 54 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
KuCoin ETHUSDTM+0.0067%8h2,748.6−0.009%$369.3M$605.1M100xas long as short
Aster ETHUSDT+0.0073%8h2,748.8−0.002%$253.2M$848.7M200xas long as short
ApeX Omni ETHUSDT+0.0077%1h2,745.4−0.124%$8.7M$31.4M100xas long as short
Aevo ETH-PERP+0.0080%1h2,747.5−0.048%$4.9M$167K20xas long as short
MEXC ETH_USDT+0.0081%8h2,748−0.029%$1.59B$2.59B500xas long as short
HTX ETH-USDT+0.0081%8h2,748.6−0.010%$1.06B$1.18B200xas long as short
Binance ETHUSDT+0.0082%8h2,747.6−0.045%$6.39B$15.97B150xas long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,750.2+0.050%$58.8M$4.30B50xas long as short
Lighter ETH+0.0096%1h2,749.2+0.013%$113.1M$445.5M50xas long as short
Lighter RH ETH+0.0096%1h2,749.9+0.040%$24.8M$108.1M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,748.2−0.023%—$31.0M500xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,753.2+0.158%$16.2M$8.0M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,748.2−0.023%$477K$2.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,749.1+0.009%$14.0M$108.2M50xas long as short
Hyperliquid ETH+0.0100%1h2,749.8+0.035%$3.13B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,749.2+0.013%$31.7M$334.3M50xas long as short
Bybit ETHUSDT+0.0100%8h2,747.5−0.050%$2.47B$4.24B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,748.4−0.016%$2.7M$16.9M25xas long as short
Arcus ETH-USD+0.0100%1h2,749.5+0.025%$2.8M$16.4M25xas long as short
Gate ETH_USDT+0.0100%8h2,748.3−0.021%$3.40B$8.95B200xas long as short
Bitget ETHUSDT+0.0100%8h2,747.5−0.050%$2.08B$2.76B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,747.3−0.057%$15.0M$41.4M50xas long as short
Variational Omni ETH+0.0100%8h2,746.2−0.097%$132.8M$343.9M—as long as short
edgeX ETHUSDC+0.0100%4h2,745.3−0.130%$181.9M$700.6M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,747.1−0.063%$159.7M$82.2M50xas long as short
StandX ETH-USD+0.0100%1h2,748.9+0.003%$21.3M$69.1M40xas long as short
Vest ETH-PERP+0.0100%1h2,749.5+0.023%—$849K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,748.9+0.003%$10.7M$8.6M50xas long as short
Bullet ETH-USD+0.0100%1h2,747.7−0.042%$182K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,749.1+0.008%$21K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,750.6+0.065%$41.7M$29.6M15xas long as short
SunX ETH-USDT+0.0100%8h2,748.1−0.028%$964K$12.1M100xas long as short
SoDEX ETH-USD+0.0100%1h2,748.7−0.005%$54.7M$187.6M40xas long as short
Phemex ETHUSDTlong+0.0100%8h2,748.8long leg$267.7M$65.8M150x
Bulk ETH-USD+0.0100%1h2,746.2−0.095%$164.3M$302.6M25xas long as short
Extended ETH-USD+0.0104%1h2,748−0.031%$30.6M$73.1M50xas long as short
Aftermath Perps ETHUSD+0.0105%1h2,747.5−0.047%$30K$20K20xas long as short
Kalshi KXETHPERP+0.0148%8h2,748.9+0.003%$7.9M$672.5M4.9xas long as short
Deribit ETH-PERPETUAL+0.0168%1h2,750.4+0.055%$258.9M$197.6M50xas long as short
Orderly PERP_ETH_USDCshort+0.0180%8h2,751.4+0.094%$32.3M$11.0M100x
Injective ETH/USDC PERP+0.0209%1h2,748.3−0.019%$118K$22.5M52xas long as short
Reya ETHRUSDPERP+0.0223%1h2,747.7−0.042%$7.3M$1.1M25xas long as short
Hibachi ETH/USDT-P+0.0224%1h2,749.9+0.038%$250K$1.5M20xas long as short
Kraken Futures PF_ETHUSD+0.0354%1h2,749.8+0.036%$88.2M$314.0M100xas long as short